ShopNEXT first came into existence in Oct 2021. Fast forward to today ShopNEXT is set to generate transactions in millions every month for more than 600 brand partners.
ShopNEXT is a shop-to-earn crypto onboarding platform. It is supported by Binance Pay and Binance Smart Chain. The main thing is that instead of paying you in form of some cashback it will reward you free crypto (Bitcoin, Ethereum, BNB, USDT) when shopping at ShopNEXT partners.
But should you perform any transactions through ShopNEXT? Before that, let’s look at some of the pros and cons of this project.
ShopNEXT Project Review: Pros
1. Linked to 600 brands regionally
Among the 600 brands, there are top brands like Amazon, Nike, Shopee, Adidas, and many more.
2. Backed by the big names in the blockchain technology
ShopNEXT is backed by big investors like VB Venture, DAO Maker, Lavender Capital, and others. Apart from that, the project is firmly backed by Shopiness, one of the top cashback and loyalty platforms in Vietnam with 700,000 users. Shoppiness is already generating $4M Gross Monetary Value & 1M transactions every month for more than 600 brand partners.
3. Built on Binance Smart Chain
Binance Smart chain is known to tackle the scalability issues that are otherwise faced by Ethereum Blockchain. One of the reasons is probably due to low gas transaction fees or gas prices. further, With a ~5 second block time and a Proof-of-Authority (PoA) consensus mechanism, BSC ensures high-speed transactions that only cost network participants a few cents.
4. Low competition
Still, now there may be few shop-to-earn crypto onboarding platforms anywhere. But on this scale, there is no competitor to ShopNEXT.
5. Worthwhile tokenomics
The utility token used here is NEXT and the total supply is 1,000,000,000. Out of this 25% is reserved for community rewards, 2% for public rounds, and 18% for the team. The rest will be distributed among Angel Investors, Marketing & Partners, Advisors, and others.
Everyone will be getting rewards after buying some items from the partner brands in the form of crypto ( Bitcoin, Ethereum, etc.). Adding to that for every cashback of $0.1 worth, normal users will earn 1 NEXT. There appears to be a balance in the token distribution.
6. Solid plan to avoid future dilution
A solid plan is there to cope with potential overuse in the future. For instance, the cashback to NEXT reward ratio (currently set at $0.1) is the first variable that can be put in use to adjust to control the flow on the market. An increase of this ratio to $0.2 can reduce the NEXT rewards by half.
ShopNEXT Project Review: Cons
The project is still localized within Vietnam. Though later they have plans to spread throughout Asia. So for the time being it would be limited, being a local project.